Introduction on the subject of Entreprenuership

1. CHARACTERISTICS AND
COMPETENCIES OF THE
ENTREPRENEUR

2. ENTERPRISE

3. E- Energy
• Working hard but, also in a smart way is essential in
entrepreneurship.
• Both mental and physical is needed to be able to face all the
challenges involved in providing solutions to issues and for the
successful completion of the projects
• Entrepreneurs must look for ways to stimulate the brains and all the
senses to sustain the energy– so that they all stay alert in
identifying what needs to be done in different situations.
• They also need to be healthy and physically fit, and this can be
achieved through appropriate diet, exercise and healthy lifestyle.

4. N- Need to achieve
• The entrepreneur must be motivated to achieve success and
accomplish all the activities.
• His attitude and perceptiveness enable him to work towards
acceptable results whenever he sets out to do something.
• This approach enables the entrepreneur to work harder in
achieving his goals.

5. T- Task-oriented
• The entrepreneur is convinced that to gain satisfying rewards, he
must do his tasks very well and complete these on time.
• Efficiency, effectiveness and time management are important
aspects that enable the entrepreneur to complete required tasks .
• The entrepreneur must focus on results to be able to concentrate
on whatever he has set out to do.

6. E- Empathy
• An entrepreneur must be able to put himself mentally in the position
of the person or persons he wants to influence.
• He will want to feel what they are feeling, he is able to put himself in
their shoes.
• In the case of a business enterprise, the entrepreneur must be able
to imagine how a potential customer would feel regarding his
product or service.

7. R- Resourcefulness
• An entrepreneur must be able to provide the leadership and
guidance needed to realize the enterprise.
• Identification, mobilization and effective utilization of both physical
and non-physical resources needed in undertaking a venture are
very important in setting up the enterprise.

8. P- Planning
• The entrepreneur must establish a written plan to be able to see the
picture of the enterprise in terms of why it should be set up, what
needs to be done, how it will be done, who will do it and when it will
be done.
• This will help to clarify the situations and permit decisions to be
made as to whether engage in activities that will result in an
enterprise being set up or not.
• In the case of business ventures, it is only careful planning that can
ensure profits and prevent losses.

9. R- Risk-taking
• The decision to go ahead and start the enterprise or undertake the
activity must be made by the entrepreneur.
• All enterprising men and women make this decision only after they
have done a certain amount of research, so that in the end they are
usually able to achieved the results, succeed and receive the
rewards.
• The entrepreneur will always have to take this first step, as it marks
the difference between enterprising and non-enterprising men and
women.
• Success begins with the decision to start moving in the right and
desired direction

10. I- Innovation
• The entrepreneur must be able to apply new ideas that will enable
him to do the activities in new and creative ways.
• Through individual initiative, imagination, intuition and insight an
entrepreneur will be able to change things around or devise new
ways of doing things to improve the ways things are being done.
• Information on different issues and fields is an important input for
being innovative.
• Enterprising men and women therefore place great value on
information; they are always alert and constantly engaging in
research.

11. S- Skills
• Enterprising men and women have the ability or know-how that
enables them to undertake and complete activities .
• Most men and women have a certain amount of knowledge,
attitudes and practical skills that can be useful when realizing an
enterprise. The entrepreneur should therefore evaluate the talents
and level of skills.
• Talents and acquired skills have to be constantly practiced,
otherwise, they will be forgotten and wasted.

12. E- Endurance
• There are many challenges to be faced when trying to set up an
enterprise.
• Women face specific challenges, some of which are negative and
discouraging.
• To realize one’s goal to achieve the desired rewards, one must be
able to keep track of all transactions, despite challenges.
• Patience, persistence and confidence are some of the attitudes the
entrepreneur will need to enable him to endure physical and mental
challenges he will surely encounter on the road to becoming a
successful entrepreneur.

13. CHARACTERISTICS OF
SUCCESSFUL
ENTREPRENEURS

14.  Commitment and determination
• It is important for an entrepreneur that he love his work. Thus,
willing to devote his time and effort for the success of his business.

15.  Leadership
• The entrepreneur must have the potential of being a good leader,
that he is able to let his employees follow him.
• Likewise, he knows about the needs and demands of customers
and workers because these people expect him to perform at a
highest level of competence in leadership.

16.  Obsession for opportunity
• An entrepreneur is always on the lookout for all possible
opportunities that he spots.
• Once he starts venturing into business, he is always eyeing for
multiple opportunities to obtain financing, equipment, land and
workspace or assistance for his business .

17.  Tolerance of risk and uncertainty
• Every entrepreneur must accept the fact that in every business,
there are risks and uncertainties.
• Therefore he must always be ready and willing to face obstacles,
and work to avoid or reduced such accidents in the future.
However, an entrepreneur must also be aware that there are
unavoidable risks.

18. Among which are the following:
a. Risk of natural calamities
- typhoons, fires, earthquakes, floods and other uncertain events that
are considered high risks may result in business losses.
b. Risk of infidelity
- can be source of losses in business if there is an employee who is
tempted to steal the funds or the goods of the business.
c. Risk of product obsolescence
- a risk when some goods expire or when fashion is outmoded
because the entrepreneur has no choice but to offer the goods at
bargain prices, in case of the latter.

19. d. Risk of depreciation
- refer to the loss in value of an input due to age and use of the
product(i.e., depreciation of the house, the building, the equipment,
machines and vehicles.

20.  Creativity, self-confidence and
optimism
• Being creative, self-confident and optimist are the keys to success.
Through these, the entrepreneur will have enough knowledge to
create the product o service and introduce it to the market.
• He is not afraid of what he is doing and so with failures for he
always think that everything is possible.

21. IMPORTANT
ENTREPRENEURIAL
TRAITS

22. 1.Hardworking
• This includes working for long hours when needed, having less than
a normal amount of sleep, etc. because running a business requires
a lot energy and drive.
2. Self-confident
• Believing in oneself that it is possible to achieve the goals he has
set

23. 3.Builds for the future
• The entrepreneurs actually understand and he has prepared himself
that it may take several years to build up business income to a
reasonable standard.
4.Profit-oriented
• Entrepreneurs are interested in generating profits, once the
business in ongoing, they can make decisions whether to expand
the enterprise or for personal use.

24. 5.Goal-oriented
• An entrepreneur is goal-oriented individual, that is, he can reap
success if he is able to set realistic goals or targets and work with
determination to achieve them.
6.Persistent
• If an entrepreneur does not stop in finding ways in solving the risks
in their businesses, then that person is persistent.
• One of the key in becoming a successful entrepreneur.

25. 7.Able to cope with failure
• Every entrepreneur knows that before starting a business venture, it
may end either disappointment and failure, or can be successful.
Thus, without this characteristics, early failures may end a person’s
attempt at self-employment.
8.Responds to feedback
• Entrepreneurs must be open-minded in accepting useful feedback
and advice from others to know how well they are doing and to keep
track of their performance.

26. 9.Demonstrates initiative
• It was revealed in a research that successful entrepreneurs take the
initiative and put themselves in positions where they are personally
responsible for success or failure.
10.Is willing to listen
• Even though an entrepreneur is self-reliant, he is still willing to seek
for an advice from other people such as bank officials, accountants
and others.

27. 11.Sets own standards
• An entrepreneur does not put an end to all his undertakings rather,
setting standards on income, quality sales or product turnover then
working to achieve them is another indicator of a successful
entrepreneur.
12.Able to cope with uncertainty
• An entrepreneur is uncertain about his sales and turn over and in
other areas such as market delivery and prices and bank support
but, acquiring this without becoming too stressed is a necessary trait
of being an entrepreneur.

28. 13.Shows commitment
• The entrepreneur prioritizes his time money and effort when starting
and running an enterprise.
14.Builds on strength
• Successful business people have common strength on manual
skills, interpersonal skills, selling skills, organizational skills,
knowledge of a particular product or service, knowledge of people in
trade and ability to make and use a network of contacts.

29. 15.Reliable and has integrity
• Being honest, fair dealing and reliable are essential traits of an
entrepreneur.
16.Risk-taker
• If you are an entrepreneur, you have the ability to take measured or
calculated risks(i.e., costs and gains, the chance of success and
failures.